According to a recent SEC filing, ZocDoc has raised $55 million in convertible debt provided by a handful of undisclosed investors. The debt comes at a time that ZocDoc is facing a growing number of active competitors in a market that it once owned almost exclusively.

When questioned about the new funding, ZocDoc CEO Cyrus Massoumi said, “We don’t need the money, we don’t plan to use it, it’s basically sitting in the bank collecting dust.” He went on to explain that the funding was only accepted because, “It is on incredibly company-favorable terms, I don’t believe that companies should ever raise money when they ‘need it.’”

Despite the increased market pressures, ZocDoc has passed some significant milestones recently. It has more than 400 employees, its platform is live in more than 1,800 cities, and its users are booking even major procedures such as heart surgery.